As part of The Egyptian Exchange (EGX) management keenness to get the cycle of the listing procedures approved by the Egyptian Financial Supervisory Authority (EFSA) earlier this month, EGX finished an initial draft for the splitting standards of the listed stocks par value by calculating the weighted turnover rate of free floated shares and the shares market value as a prelude to submit it with all of the operational procedures to be discussed during EGX coming board meeting.
Dr. Mohamed Omran stated that on setting those standards EGX takes into account that an intermediary account for the listed companies? free floated shares turnover of the last 3 months should be performed. moreover he said that the closing price will be calculated with the Egyptian Pound which is higher than the closing prices of 25% of the listed companies number, given that anomalous and extremist values ??are excluded , that do not reflect the market situation for each of the free floated shares turnover rate and the market value of the listed companies? shares.
He also noted that the results of this study indicated that the turnover rate reached 60% in the last three months. Closing price reached 6 Pounds which is less than 25% of the total shares listed in the previous month.
The number of listed securities that their free floated stocks turnover didn?t exceed 60 % and in the same time their closing prices exceeded (LE 6) reached 121 stocks form total of 243 listed stocks.
